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I figure the dual-agent may (or may not, I'll never know) be willing to reduce the commission to make the sale. My reasoning is that, because I've got a fixed limit to what I can pay, which I am confident is below market value, and I know the Realtor COULD afford to reduce the commission, getting 2-3% of the way to the 10% reduction I need, the sellers are more likely to go accept the remaining 7-8% to make this sale happen. With a buyer's agent, they'd have to go for the whole 10%. They may have to with the dual-agent anyway, but I should be improving my odds slightly.
More than likely this sale isn't going to happen, because most houses in the area are selling at, or 1-2% below asking. So another buyer is probably going to come in at full price. But it can't hurt to try. Or can it?
This may depend on whether or not the listing agent has a dual variable rate of commission agreement with the seller. If so, then it would already be a built-in discount for the seller if it did become a dual agency situation. If not, the listing agent will be entitled to the full commission, whatever it may be.
I don't think it would hurt to try. You don't really have anything to lose by trying. The offer will probably be met with the same response regardless of whether it is submitted by a buyer's agent or the listing agent. The market definitely has slowed down in a lot of areas, but 10% is pretty far off. I'm about to close escrow on a property at about 5% below the appraisal and that felt like quite an accomplishment.
My response has nothing at all to do with dual agency, it is a plea for those such as the OP to realize that his expertise is extremely flawed. To point out and name a single brand in his example is not an example of a knowledge based comment.
In Kentucky, there are more than 44 offices listed on the Kentucky Real Estate Commission's website database. To my knowledge, with the exception of my office, every location in Kentucky is "Independently Owned and Operated". (My office has three locations, which means agents in each of the locations are under my brokerage.) All other offices in Kentucky have unique brokers and are therefore, by definition, not dual agencies by brand.
The OP's point has lots of accuracy when considering that of the 20 Coldwell Banker offices, any agent of Coldwell Banker McMahan Company's eight offices is a dual agent as the OP described.
Kentucky brokers also determine whether their brokerage will operate under "dual agency" or "designated agency" rules and regulations.
So, in total agreement with the OP, it is extremely important for consumers of real estate to know specifically how their agent is behaving. This must be disclosed by agents and understood by buyers and sellers.
Tom,
I get it. I used the wrong brand in the OP. You can move on with your life.
No problem, Fred. Good luck with the house... if you ever end up moving further south, you know who to call
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